TALLINN UNIVERSITY OF TECHNOLOGY

School of Business and Governance

Department of Business Administration

Julia Järvinen
ORGANIZATIONAL BARRIES IN REGARDS TO WOMEN’S
LEADERSHIP IN FINANCE SECTOR
Bachelor’s thesis
International Business Administration, specialization finance

Supervisor: Merle Ojasoo, PhD

Tallinn 2018
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The document length is 6592 words from the introduction to the end of summary.

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TABLE OF CONTENTS

ABSTRACT ................................................................................................................................ 4

INTRODUCTION ....................................................................................................................... 5

1. Women Leadership in Finance Sector ..................................................................................... 7

1.1. Women leadership............................................................................................................. 7

1.2. Organizational barriers and challenges............................................................................. 8

2. METHODOLOGY ................................................................................................................ 15

3. RESULTS AND DISCUSSION ............................................................................................ 18

3.1. Results and analyses ....................................................................................................... 18

3.2. Discussion....................................................................................................................... 21

CONCLUSION.......................................................................................................................... 23

LIST OF REFERENCES........................................................................................................... 25

APPENDICES ........................................................................................................................... 27

Appendix 1. Interview questions ........................................................................................... 27

Appendix 2. Interview transcripts ......................................................................................... 28

ABSTRACT

The scarcity of women in finance sector has raised concerns progressively in recent years. One
of the most well-known barrier in the organizations is ”the glass ceiling” which has been seen as
a transparent barrier preventing women from top managerial positions. It is referred to prevent
women from having the same opportunities and positions as men, and it is one of the reasons
why women are less commonly represented in the leadership level. Besides the glass ceiling,
there are also variety of challenges that women may face in their leadership journeys. There are
multiple barriers preventing women from getting the leadership level in finance sector, and
therefore women are struggling to obtain these positions. Organizational barriers can have an
huge influence on preventing women from higher leadership positions in the sector. The study
will obtain information of these barriers and challenges women face in finance sector to get
deeper understanding of these organizational issues. The objective of this thesis is to find out
which are the main organizational barriers women experience while trying to get to the
leadership level, and also how this impact on women’s opinions of the finance sector. A
qualitative method was used in this thesis to investigate the above. The method of using
interviews was the most effective and convenient way to obtain all necessary and relative
information of the study’s problem from the participants. The main findings from the interview
results may help understanding more about the issue and how to improve the women’s situation.

Keywords: finance sector, leadership, organizational barriers, the glass ceiling, women

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INTRODUCTION

In todays society, women are not anymore concerned as a weak workforce and they are less
associated with low expectations. Even though the role of the woman has been getting more
positive and acceptive, still some sectors such as finance sector has remained more male
dominated (Elmuti, Jia, Davis 2009). The scarcity of women in top managerial positions in
finance sector have been risen to public discussion worldwide in recent years (Klaile 2013). This
low representation of women executives may be considered as contradictory because women are
nowadays more educated than before. Although, women are progressively desiring and willing to
apply to the top leadership positions, the progress of women representation is still quite slow:
20% on financial services boards and 16% on top managerial position committees (Elmuti, Jia,
Davis 2009; Marsh & McLennan Companies 2016). Women are typically overlooked and also
held to a lower standard compared to men in finance positions. Women’s access to business
world which is mostly dominated and influenced by men leaders, is filled with different barriers
and challenges. Therefore, it is important to examine the role of women in the finance sector and
the challenges they experience. There are many barriers preventing women from getting to
leadership level in finance sector, and this is one reason why women are struggling to obtain
these positions. The study is concentrating on one of the most important aspect of this problem,
organizational issues in the finance sector.

The academic research problem within this thesis is to find understanding of the underlying
issues behind the under presentation of women in top managerial positions in finance sector. This
study aims to find out which are the main organizational barriers women experience, and how
this impact on women’s opinions of the finance sector. To fulfill the aim, the study is answering
the following three research questions that are related to support the theory of the organizational
barriers and issues:

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Research question 1: What are the main organizational barriers and challenges women are facing
while trying to advance to top managerial positions in finance sector?

Research question 2: What are the ways to empower women in finance sector?

Research question 3: How gender stereotypes occur in finance sector?

The series of questions of the qualitative research are related to theory of the organizational
barriers. In addition, the questions are divided into three different categories according to the
research questions. It is important to examine and obtain information from real experiences from
women who are holding a position from finance sector, and therefore, these particular women
were chosen to this qualitative research. To further add, this may help increase women’s
participation levels in top management positions. Within this research, the obtained information
will be conducted and analyzed predominantly via women who have been or are currently
working in finance sector as subordinates or finance executives.

The structure of this study is divided into three chapters. Thesis begins with the introduction of
the purpose and the problem of the academic research. After clarifying the background of the
study’s problem, thesis continues with the theoretical part. This part explains the theory of the
women leadership and the main organizational barriers and challenges women may face in the
finance sector when desiring to have a top managerial positions. Following the theoretical part,
the methodology of the qualitative method is introduced. Qualitative research method’s design
and the study’s participants are presented in this chapter more in detail. The empirical study’s
results and findings are analyzed and discussed before the conclusion. To further add, these
results are solving the study’s problem.

This thesis will mainly concentrate on the discussion of the barriers and challenges that are
preventing women from getting top managerial positions in finance sector. There are several
other well-known factors too but this study is focusing on only the organizational barriers. Other
preventing factors in finance sector will therefore not be examined. This study expects to find
understanding of the underlying issues behind the under presentation of women in top
managerial positions in finance sector through the research analyses.

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1. WOMEN LEADERSHIP IN FINANCE SECTOR

This chapter of the thesis is divided into two parts. The first part is focusing on the theory of the
women’s leadership and the second one is about the main organizational barriers and challenges
women may face in the finance sector when desiring to have a top managerial positions.

1.1. Women leadership

Many organizations are experiencing a substantial change in the gender balance due to the fact
that a growing number of women are desiring to have a top managerial positions (Ryan, Haslam,
Postmes 2007; Erhardt, Werbel, Shrader 2003). The women’s attitudes towards better gender
equality in the workplaces have also been increasing progressively (Chin 2011). Even though the
role of the woman is getting more acceptive, the finance sector is still preferring men for top
managerial positions. Finance sector, which is mostly dominated and influenced by men leaders,
is filled with different barriers and challenges for women. Gender bias and inequality are real
issues in finance sector, and it is restricting women’s advancement to leadership positions
(Chandler 2011). According to the research, women are effective leaders in top managerial
positions (Chandler 2011). Despite this, women are criticized openly for behaving either too soft
or too ambitious. Perceiving masculine characteristics while being a leader can be a disadvantage
for a woman as it can be perceived being too aggressive behavior. In the contrast, being
traditionally feminine is not considered as a great competent. Cultural expectations also give
another dimension to the issue. Women are expected to behave polite and friendly in every
situation. Prejudices usually occur from the gender and leadership roles incongruity, which can
make the situation even more difficult for women to get those top managerial positions.
(Chandler 2011). Women often need to prove their abilities and competence much further than
men, this may include working additional hours to justify their abilities. Staying competent
women need to meet higher standards than their men colleagues. (Chandler 2011) According to

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the research, the contemporary culture may give women an advantage to have top leadership
positions. However, women having advantages can also cause other issues related to gender
prejudices and discrimination. (Chandler 2011) Women presentation in managerial positions is
increasing but the scarcity of women in top managerial positions is still continuing. This shows
women are still behind men even though the representation of women in finance sector improved
over time.

1.2. Organizational barriers and challenges

One of the most common and well-known barrier in the business world is known as ”the glass
ceiling”. It is usually referred to exists between women and top management positions, and it has
been seen as an invisible barrier within in organizations at the top of the hierarchies. This
transparent barrier is usually described to prevent women from moving up past the certain point
(Oakley 2000). It prevents women from achieving opportunities to have the same top positions
as men, and it is a reason why women are less commonly represented in the leadership level
(Elmuti, Jia, Davis 2009; Lahti 2013). According to the research, women are facing the barriers
as obstacles whereas for men those challenges serve an encouraged self-development purpose.
(Haslam, Ryan 2008) Women have the possibility to have higher managerial positions but
besides the glass ceiling, there are also variety of challenges with their complexities that women
may face in their leadership journeys (Lahti 2013). According to the research, the corporate
culture is more to blame when concerning the differential hiring, promotion and career
development of women and men in the companies. Corporate policies and practices in the
organizations are recognized as important components of the glass ceiling that have an major
influence on preventing women to get an advancement to have a top managerial position (Oakley
2000; Elmuti, Jia, Davis 2009). Women’s social capital in the organizations including mentoring
and role models, selection process and promotion, leadership styles, gender stereotypes,
globalization, women’s internal motivation and most importantly family related concerns are the
most common examples of the organizational barriers (Elmuti, Jia, Davis 2009). These barriers
are referred to the organizational level factors which have an impact on preventing women
getting the same hiring and promotion opportunities than men (Elmuti, Jia, Davis 2009).
However, these barriers may occur differently in every organization preventing females from

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having top management positions (Elmuti, Jia, Davis 2009). Therefore, the study is focusing on
the challenges these barriers develop in the organizations.

Women’s workplace relationships and social capital at work may have an impact on preventing
women from leadership positions (Elmuti, Jia, Davis 2009). It is such a normal concept which
can get unseen easily even though underinvestment in social capital is important factor of
organizational barriers. Balancing between work life and family life leaves less time for both
socializing with colleagues and other members in organization, but also less time for building
professional networks. According to the study, this part particularly has been seen an essential
and important aspect in this issue (Eagly, Carli 2007). Social capital and workplace relationships
are far more necessary and needed to get advancement in organizations rather than having good
performance of tasks (Eagly, Carli 2007).

As earlier mentioned, women may face different challenges in finance sectors. According to the
research, many people tend to get along with similar people with similar interests (Elmuti, Jia,
Davis 2009). The scarcity of women in top leaderships positions in the companies leads to
women being unable to find or having a limited access to female mentors (Elmuti, Jia, Davis
2009). This may lead women to be more inhibited and even reserved at the workplaces.
Mentoring has been referred to be an interpersonal process of a person (Khalid, Muqadas, M.
Rehman, S. Rehman 2017). The mentors with the same gender often help with understanding
and overcoming the gender bias and challenges the men do not face and experience at the
workplaces. Women’s needs from female mentors are usually different compared to the needs
from their male mentors. In addition, the female mentors are fulfilling these needs and
supporting their women subordinates better (Elmuti, Jia, Davis 2009). Women tend to need more
encouragement at the workplaces. In contrast, male mentors can even be resistant to mentor
women because of the low expectations. These include perceptions and assumptions of women
being more emotional, less skilled than men at the problem solving tasks and the fear and risk of
the sexual harassment issues (Elmuti, Jia, Davis 2009).

One of the most typical barrier women may face is the selection process used in organizations
(Elmuti, Jia, Davis 2009). The amount of women that are qualified to be promoted to higher

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leadership positions is quite minimal in organizations. This is one reason why it is hard for
women to be promoted to those positions. According to the research, experience and lack of
general management skills were the most influential factors for organization not to promote
women (Elmuti, Jia, Davis 2009). Other researches have been discussing the other possibilities
for lack of promotion for women. These can be situations were qualified women are simply not
even considered to be promoted and offered for the leadership positions, or alternatively,
promotions are only offered to the same gender as the leader. Research has also shown that men
have more aggressive and ambitious approach to their careers, and they are more culturally
biased toward their own gender (Probert 2005; Marsh & McLennan Companies 2016).
Similarities to their own image and the qualities that they possesses attract them (Marsh &
McLennan Companies 2016). This means men leaders usually only offer promotions to other
men. (Elmuti, Jia, Davis 2009). Women are also just as willing to ask promotions as men, but
they are less positive about their opportunities. This shows in their aspiration to be in a top
managerial position. Therefore, the lack of desire to advance in the sector is not the reason for
the disparity in promotions. (McKinsey & Company 2017) According to research, two factors
determine the promotion choices for top managerial positions. These are work commitment and
worker skill (Klaile 2013). Work commitment refers to the knowledge which an employee has
gained working for a specific company, and loosing this knowledge after leaving the company
permanently. Work skill in contrast means how the most capable employees are targeted to the
most challenging jobs (Klaile 2013).

Perceptions of women’s leadership skills, proficiency and self-assertiveness is another

preventing barrier for women to succeed to have leadership positions (Elmuti, Jia, Davis 2009).
Women and men have been associated with significantly different traits, and usually men are
thought having more traits to have the leadership position (Eagly, Carli 2007). Masculine
characteristics have been more typically connected to success than feminine ones (Elmuti, Jia,
Davis 2009). There are two types of associations linked with the characteristics: communal and
agentic (Eagly, Carli 2007). Communal qualities are far more often associated with women due
to the fact that these traits express compassion. Communal qualities include characteristics such
as being more helpful, sympathetic, friendly, sensitive and soft-spoken (Eagly, Carli 2007). On
the other hand, men are linked with the agentic qualities. These convey affirmation and control,

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and include traits such as being more aggressive, ambitious and self-confident. (Eagly, Carli
2007). In general, these agentic traits are more often referred with the leadership positions and to
further add, with men leadership. Men have been dominating the leadership roles for such a long
time, and that has made it difficult to change this association. Therefore, organizations usually
desire a person with executive qualities and task-oriented leadership abilities. Women in
leadership positions therefore are many times criticized for not having agentic traits enough
(Eagly, Carli 2007).

According to the study, women in top management positions often struggle to have an effective
leadership style (Eagly, Carli 2007). As earlier mentioned, women are lacking of agentic
qualities that were associated with successful leaders. Despite this research, there are two types
of different leadership styles: transformational and transactional leadership (Eagly, Carli 2007).
Transformational leadership have been associated with trust and confidence. This is referred to
present future goals and achieving those goals, and at the same time being innovative. This type
of leadership style encourages and empower the subordinates to give all their potential to the
organization (Eagly, Carli 2007). On the other hand, transactional leadership is referred to having
an impact on employees’ responsibilities by rewarding them for being successful and meeting the
compulsory objectives. Correcting the employees if objectives are not fulfilled correctly is
included as being a transactional leadership characteristic (Eagly, Carli 2007). Most of the
leaders in top management positions adopt behaviors of both transformational and transactional
leadership styles (Eagly, Carli 2007). According to the same research, women are more likely to
obtain transformational leadership type than men. This has been seen especially when giving
support and encouragement to the leader’s subordinates. In addition, women have been seen to
be more rewarding and caring which are transactional leadership qualities. To further add, some
leadership behaviors have been more connected to women, have proved to increase company
performance (McKinsey & Company 2008). Men were associated with more transactional
leadership qualities such as having more corrective and disciplinary behaviors, however did take
less responsibility for managing. As earlier mentioned, women are lacking of agentic qualities
that were associated with successful leaders. However, impressions of ones abilities have an
strong impact on a career development (Maxwell, Ogden, McTavish 2007). The research shows
that women and men have slightly different approach to lead with their leadership styles.

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Women’s approach tend to be more generally effective when men’s leadership approach are less
effective. Men are less adopting to be participative and having a collaborative style than women.
The reason for this may be that cooperative behavior does not seem over masculine characteristic
but can still get results. (Eagly, Carli 2007)

Many researchers have studied about the different characteristics of women and men. According
to research, the social role theory suggests that gender stereotypic roles have developed in the
early structures in society impacting on women’s and men’s behavior (Matzen Schmidt, Møller
2011). Women and men are usually perceived to have different characteristics, feminine and
masculine, and these traditional gender roles are hard to avoid. According to another research,
people find themselves acting a different role in different environments such as at work and at
home. (Lahti 2013) Stereotypical beliefs can also have an influence on how both genders are
seen in executive roles (Klaile 2013). According to research, gender role stereotypes and the
characteristics of a top manager are having a close relation to each other (Klaile 2013). The
stereotypical characteristics for a person who has a top managerial position includes more
masculine characteristics which, to further add, are associated with successful leadership
position (Klaile 2013). The perceptions of female leadership have been existing a long time and
they have gotten a negative side to them too. Women has been seen stereotypically working less
and having less demanding and earning jobs than men (Lahti 2013). These negative perceptions
are hard to change, and therefore women are stereotypically seemed not so interested in the same
top managerial positions as men (Klaile 2013).

New barriers and challenges have occurred for women because of the globalization (Elmuti, Jia,
Davis 2009). Nowadays leadership positions in finance sector need even more responsibility, not
forgetting them to have more and higher expectations than before. Top management position
requires more flexibility due to the fact of time pressures and relocations of the organizations.
Traveling and even moving to another city or country presents a major concern and barrier for
many women who have families (Elmuti, Jia, Davis 2009). This can also result new problems
which are connected to adopting new cultures and social norms. According to the research,
women may also experience discrimination of being a woman having a leadership position
(Elmuti, Jia, Davis 2007). Other countries and their cultures may have different beliefs and

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perceptions such as women leaders being not capable and effective enough to have such high
positions in the organization (Elmuti, Jia, Davis 2009).

According to the research, women do not have a will to get advancement in their current
positions (Elmuti, Jia, Davis 2009). Women’s internal motivation is seen as another barrier for
women. Obstacles such as discrimination, prejudice, stereotyping, family demands and issues,
and lack of opportunities are preventing women from higher positions. This, on the other hand, is
lowering their desire to excel in their current positions (Elmuti, Jia, Davis 2009). Therefore,
women do not have a will to get advancement in their current positions (Elmuti, Jia, Davis
2009).

Women’s family responsibilities are often blamed for lower women representation in top
management, lower salaries and fewer career opportunities than men (Husu, Hearn, Lämsä,
Vanhala 2011). Family care and responsibilities are usually related to be a woman’s major duty,
and for many women this is the case along with many other duties. Family responsibilities may
result women interrupting their own careers, them taking more days off from the work or only
working as a part-time employee. This usually leads them to have less years of working
experience and employment hours in the year. These combined together result slower career
progress and reduced earnings (Eagly, Carli 2007). Therefore, a promotion for a leadership
position forces women to choose either career or family (Elmuti, Jia, Davis 2009). Research
shows that the small minority of women leaders have children because of the affect the family
life could have on their careers (Elmuti, Jia, Davis 2009). In the contrast, many women have also
left their positions voluntarily in the organizations because they have decided to choose the
family life. Pregnancies, childcare leaves and having children in overall make women more
unwilling to travel for work and work long hours due to their family responsibilities. According
to the research, family responsibilities may also lead preventing women from having promotions
but also to leave their positions permanently (Elmuti, Jia, Davis 2009). Women are also less
likely to be promoted to leadership positions due to the fact that it is assumed that mothers have
all the family responsibilities (Eagly, Carli 2007).
There are various of organizational barriers preventing women from top managerial positions,
and these barriers occur differently in every organizations. It is beneficial to find out which are

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the main organizational barriers women experience, and how this impact on women’s opinions
of the finance sector. The study uses qualitative research method to examine this. Each of the
interview questions are related to the theory of the organizational barriers. In addition, questions
are categorized according to the research questions into three different parts. Each of these
categories has its own keywords in order to obtain information more efficiently.

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2. METHODOLOGY

The objective of this thesis is to find out which are the main organizational barriers women
experience while trying to get to the leadership level, and also how this impact on women’s
opinions of the finance sector.

This study used a qualitative method to investigate the above. The method of using interviews
was the most effective and convenient way to obtain all necessary and relative information of the
study’s problem from the participants. The qualitative method allows to identify issues through
the participants, and allows to study people in their natural settings. It also helps to understand
the contextual influences, such as social culture, on the research issues. (Hennink, Hutter, Bailey
2011) In order to obtain and get relevant information of the study’s objectives, interviews were
predominantly performed to women who have been or still are currently working in finance
sector. The empirical part of the thesis includes seven interviews with women who have been or
still are either working as subordinates, middle managers or having a top managerial position.
The interviews were distributed via phone calls, using the WhatsApp Messenger -phone
application. One interview was averagely 35 minutes long. The intention of the interview has
been explained to the participants before the actual interview begins. It is also mentioned that the
results of the interviews are analyzed anonymously, and individual information will not be
shared with the Third parties. These interviews were for university research purposes only.

The interviewees for this qualitative research consists of different nationalities in finance
positions. All of the participants are demographically from different parts of Australia. The
study’s topic gave an opportunity to have an access to interview women working in finance
sector in Australia. The interviewees are either subordinates, middle managers or top managers
in finance sector. In this way, it provides different aspects and information to the research.
Obtaining these experiences, it may give various insights to the study’s problem.

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Interviews were distributed via phone calls as earlier mentioned. Interviewees were informed
that the interviews have been recorded for the research purposes only. A few interviews were
manually written into transcripts already during the phone calls without recording the interview.
After recording the phone calls, interviews were manually transferred to transcripts. In order to
analyze the content of the interviews, questions have been categorized according to the research
questions. Each of the interview question, under the same research question, have similar
keywords. This helps analyzing the content more efficiently.

The interview included eight questions in total. Open-ended questions gave an opportunity for
the interviewee to answer more extensively. This avoids interviewees’ answers to be less
restrictive, and also in this way the interviewer may get excessively more information. The
interview observed information of the interviewees’ own experiences of the organizational
barriers in finance sector, and their point of views of the issue.

All of the interview questions are categorized according to the research questions into three
different parts. Every interview question is related to the theory of organizational barriers, and in
order to answer to the research questions, interview questions under the same part are having the
same keywords.

The first research question, ”What are the main organizational barriers and challenges women
are facing while trying to advance to top managerial positions in finance sector?” included
interview questions one, two and four. Respectively, ”Have you experienced any of the
organizational barriers in finance sector, and which ones? Have these barriers prevented you
from having a top managerial position or lowered you desire to have that position?”, ”Do you
think leadership is gender neutral in finance sector?” and ”Do you find women and men have
equal opportunities to have an advancement in finance sector?”. These questions obtained mainly
information of the selection process and promotion.

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The second research question ”What are the ways to empower women in finance sector?”
obtained information of women’s internal motivation and the importance of the social capital.
Interview questions three ”Do you think it is essential for women to have a female mentor as a
leader to help with excelling in your current position?” and eight ” What are the ways to increase
the number of women in leadership positions in finance sector?” are under the second research
question.

The third research question ”How gender stereotypes occur in finance sector?” is about the
typical gender stereotypes and leadership styles. Questions five, six and seven are observing
information regarding this research question. ”Considering the stereotypes of women, do you
think women in leadership positions are expected to act differently, such as the need to adapt
more masculine behavior, than men?”, "Do you think women managers are judged more easily
and they need to prove themselves much more than men? Is this affecting your desire to have or
be in a leadership position?” and ”Are women much more flexible and willing to leave their
work positions to focus on family? What is the reason for this?” are the interview questions
respectively for the third research question.

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3. RESULTS AND DISCUSSION

In the first part of this chapter, the results from the qualitative research method are presented and
analyzed according to the research questions. The second chapter is a discussion of the main
findings.

3.1. Results and analyses

In total eight questions were presented to the interviewees. The research questions are trying to
find out which are the main organizational barriers women experience, and how this impact on
women’s opinions of the finance sector. In addition to this, the questions were categorized into
three different parts according to the research questions. Results of this study were analyzed
according to the research questions.

The first research question included the first, second and fourth interview questions. The first
question of the interview obtained information of the general perception of the study’s issue but
also concluded a question about women’s internal motivation. The first part of the question was
about target group’s own experiences of the organizational barriers in finance sector. All of the
seven interviewees have acknowledged and witnessed the organizational barriers, but 6 of the 7
interviewees stated that they have experienced these challenges personally in their career
journey. The second part of the question asked have these barriers prevented the target group
from having a top managerial position or lowered their desire to have that position in the sector.
The main reaction was that these barriers have not lowered their desire to get an advancement
but only increased their desire and will to get to these positions in the future and being more
determined to show that they can do better job. One of the interviewees said organizational
barriers have prevented her from having a top managerial position. The reason for this was the
unspoken fact that the company did not hire women in that high level. This supports the earlier

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mentioned research that qualified women are simply not even considered to be promoted and
offered for the leadership positions, or promotions are only offered to the same gender as the
leader.

The second and fourth question were examining the issue with selection process and promotion.
All of the seven interviewees answered they do not find finance sector gender neutral. The
gender inequality plays a major part of this, and the interviewees gave their own views of this
issue. Women are under the pressure ”being criticized for things men wouldn't be criticized for”
and it does not matter how good you are ”you will still be recognized but never equal with the
pay or authority”. These issues may have their roots from the long history of male dominance in
finance sector. Some of the interviewees stated this as a reason for this. Even though the women
representation is improving in all leadership levels, there is still need for major improvements
from this ”boys club -mentality”. Majority of the target group admitted that they do not find
women and men having equal opportunities to have an advancement in finance sector. Couple of
the interviewees stated that it is ”hard to be a woman in charge in the majority of jobs that used
to be male dominant” and ”many women will get to that level (leadership) but it generally takes
longer and they have to “prove” their worth”. These findings support the previous question’s
results about the gender neutrality in the sector. Women have to prove their abilities to be in the
leadership positions due to the dominance of men. Women are therefore expected to behave in
certain manners as men in order to obtain those higher roles. To further elaborate from the
interviewees feedback, it was stated that there is equality but only until women have a family
and children, as family is one of the organizational barriers.

The third and eight interview questions were connected to the second research question. The
third question of the interview was trying to find information of the importance of the women’s
social capital in the organizations. This question targeted the women’s relationship with their
mentors, and is the gender important aspect here. The answers were divided between the
interviewees. Regardless, most of the interviewees think it is not necessarily to have only women
mentors specifically, but it would be beneficial to have both genders as mentors. Both mentors
could teach different traits and help with different kind of issues. ”A strong, successful female
mentor will assist with the gender issues and teach you how to overcome these barriers whilst a

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positive, influential male mentor will perhaps help you how to take command and think more
like a man when required to do so”. According to previous researches, women and men have
different general characteristics. Women are thought to be more compassionate whereas men are
thought to be more dominant and assertive both in theory and in reality. One surprising finding
was the sponsorships’ impact on the career advancement. ”The truth is that sponsors give better
position women to advance in the workplace”. This was worth to mention as it may have its own
part of the journey to the leadership position.

The last question, number eight, obtained information of the ways to increase the number of
women in leadership positions in finance sector. Interviewees came up with effective and
inspirational options to improve the women’s place in the organization. Providing more flexible
working schedules, improving the recruitment process to promote the leadership for women,
supporting women to get back to work from a career-breaks, providing childcare, encouraging
women to leadership positions via different programs, adapting more masculine behavior in a
way that women are not staying too shy and start adapting ”the womanhood nature” as one of the
interviewees expressed it. ”If there is more understanding about women’s roles in management
world, there would be an increased number of women in the leadership positions in finance
sector”.

The last research question included the fifth, sixth and seventh interview questions. Question
five was considering the stereotypes of women and the leadership styles of both genders. Almost
all of the women answered that they think women in leadership positions are expected to act
differently than men, such as needing to adapt more masculine behavior. ”Men are allowed to be
“men” but a women is expected to be “business” all the time”. Adapting more masculine traits,
women may be taken more seriously and they have more opportunities to become leaders.
Interestingly, ”women who display masculine traits… and know when not to…get more
promotions than men”. According to the research, perceiving masculine characteristics while
being a leader can be a disadvantage for a woman as it can be perceived being too aggressive
behavior. In the contrast, being traditionally feminine is not considered as a great competent.
These results indicate that a person has to stay on top of all situations, and know when and how
to behave accordingly.

!20
Question six continued with gender stereotypes. All of the women thought that women managers
are judged more easily and they need to prove themselves much more than men. ”I think that
men can often see women as a threat as well. The female managers that I know all seem to feel
that this is the case…they need to work harder to gain the respect of their colleagues”. Despite
this, it does not seem to have an impact on their desire to have or be in a leadership position even
though it can add more stress than should be necessary.

The seventh question combined two different categories. Firstly, family and work and secondly,
globalization and its impact on the family and work balance. All of the interviewees agreed that
women have been seen much more flexible and willing to leave their work positions to focus on
their family. Motherhood has been seen as a tradition and as a women’s job. ”It was always
viewed that women are those who should make ”sacrifice” and leave work in order to raise
children”. Also, it is necessary to acknowledge this fact ”they (women) can face an up hill battle
when it’s time to return (from the maternity leave) to the workforce, no matter how educated and
qualified”. According to the research, family responsibilities can lead preventing women from
having promotions but also to leave their positions permanently (Elmuti, Jia, Davis 2009). In this
situation, it would be beneficial to support women’s positions such as providing childcare and
encouraging women when they get back to work life. Globalization did not have a major impact
on this study, but it may potentially have an impact in the later stage.

3.2. Discussion

According to the interview’s results, the results provided relevant information of the
organizational barriers as the answers reflected to the theory’s information. Within this study the
most dominant organizational barriers to have an influence and prevent women from getting to
the leadership level are the family related situations, selection process and promotion and general
stereotypes and leadership characteristics. According to interviewees’ personal experiences, these
barriers seem to have the most influence on women in finance sector.

!21
Results show the most positive responds when concerning of improving the women’s situation
and how to minimize the preventing barriers in the sector. Empowering women in the finance
field has been concerned an important aspect. Even though there are clear solutions and
opportunities to eliminate these barriers, the improvement to increase women presentation is
slow. One of the main reasons for this is the long history of the male dominance in the finance
sector. Question related to women’s social capital and mentoring gave both negative and positive
responds. Despite the fact that woman mentor has seen to be beneficial for the career
advancement, most of the interviewees responded that both of the genders would be necessary
as mentors.

The last research question in the study was obtaining information of the gender stereotypes
occurrence in finance sector. According to the interviewees’ responds, women’s and men’s
different characteristics and stereotypes are reality. The interviewees’ experiences summarized
well that the finance sector is not gender neutral, and the progress to improve the situation is still
in early stages. Most importantly, majority of the participants are still desiring the top managerial
positions despite experiencing or acknowledging the organizational barriers.

!22
CONCLUSION

The organizational barriers may have an major influence on preventing women from getting a
top managerial position in the finance sector. The purpose of this thesis was to examine which
are the main organizational barriers women experience, and how this impact on women’s
opinions of the finance sector. In addition, this research was trying to obtain information about
interviewees’ views of the top managerial positions and all the challenges and barriers along the
way they may face in the sector.

The academic research problem within this thesis was to find understanding of the underlying
issues behind the under presentation of women in top managerial positions in finance sector. The
thesis obtained information of the most common organizational barriers. There are various
different barriers in finance sector that are preventing women from getting a top managerial
positions. Some of these barriers are more influential, some of them do not have a major
influence. It is important and beneficial to examine the underlying issues behind the problem in
order to get a deeper understanding why there is under presentation of women in finance sector.
To obtain the information, improvement suggestions could be made to help the situation.

To fulfill the aim, the thesis was answering the following three research questions that are related
to support the theory of the organizational barriers and issues: ”What are the main organizational
barriers and challenges women are facing while trying to advance to top managerial positions in
finance sector?, ”What are the ways to empower women in finance sector?” and ”How gender
stereotypes occur in finance sector?”. The results provided within the qualitative research method
have been categorized in to three different parts according to the research questions to be as
informative as possible.

Within this study the main findings and the most dominant organizational barriers to have an
influence and prevent women from getting to the leadership level are the family related

!23
situations, selection process and promotion and general gender stereotypes and leadership
characteristics. These are the most dominant organizational factors preventing women from top
managerial positions in the finance sector. According to interviewees’ personal experiences these
barriers seem to have the most influence on women in the finance sector, and to further add, the
results are reflecting to the theory’s information.

Results may have not be reliable due to the small amount of participants. Results were only
seven women’s experiences of the organizational barriers. Majority of the interviewees were
determined that the organizational barriers will not have an impact on their desire to have a top
managerial position. This shows not only determination but also women being modern and brave
enough to face challenges to have what they want. The most negative responds were related to
the women’s social capital and mentoring, and also gender neutrality. Considering female
mentoring in finance sector, interviewees’ responds gave both negative and positive responds.
Despite the fact that woman mentor has seen to be beneficial for the career advancement, most
of the interviewees responded that both of the genders would be necessary. All of the participants
also responded that finance sector has not been seen as a gender neutral sector.

In the contrast, gender stereotype characteristics and behavior, and the promotion differences
between men and women were the most dominant and relevant barriers according to the
interviewees’ experiences. The aim of this thesis was to find out which are the main
organizational barriers women experience, and how this impact on women’s opinions of the
finance sector. The study fulfilled the aim finding the most influential organizational barriers in
finance sector to prevent women from getting top managerial positions. Further adding,
understanding the underlying issues concerning the scarcity of women's representation in finance
sector may help increase women’s participation levels in top management positions.

!24
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APPENDICES

Appendix 1. Interview questions

Interview question 1: Have you experienced any of the organizational barriers in finance sector,
and which ones? Have these barriers prevented you from having a top managerial position or
lowered you desire to have that position?

Interview question 2: Do you think leadership is gender neutral in finance sector?

Interview question 3: Do you think it is essential for women to have a female mentor as a leader
to help with excelling in your current position?

Interview question 4: Do you find women and men have equal opportunities to have an
advancement in finance sector?

Interview question 5: Considering the stereotypes of women, do you think women in leadership
positions are expected to act differently, such as the need to adapt more masculine behavior, than
men?

Interview question 6: Do you think women managers are judged more easily and they need to
prove themselves much more than men? Is this affecting your desire to have or be in a leadership
position?

Interview question 7: Are women much more flexible and willing to leave their work positions to
focus on family? What is the reason for this?

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Interview question 8: What are the ways to increase the number of women in leadership
positions in finance sector?

Appendix 2. Interview transcripts

Interviewee 1

Question 1:
… I came to Australia in 1996… and I was educated overseas so my career path was quite
different from Australian born professionals and was not simple… Definitely, I mean… there
were many barriers determining the needed communication among the employees such as…
cultural, language, perceptual,… physical and emotional barriers… I cannot say these barriers
have prevented me from having a top managerial position, I would rather say… they have
increased my desire to reach the… managerial position… as soon as possible.

Question 2:
I would say… women look different in the roles and they approach roles differently. I've seen a
number of women pushed beyond proving they can do their role… Over the last five to ten years
there have been attempts made to push a lot more women up without them having to prove
themselves... I can imagine the immense amount of pressure on them... If they are one of two,…
or… one of one in that sort of role, lots of people look at them… And I've heard women being
criticized as…for things men wouldn't be criticized for… and the… penalty women pay will be
harsher than the penalty for men… in the same situation.

Question 3:
Not necessary… moving upward in an organization involves much more than just a strong work
ethic… and an ability to turn in deliverables. Performance is the bottom line, for sure,… but
you’ve got to make yourself a known… and respected entity… Unlike mentorship in many
cases, sponsorship makes a difference… 70% of men and… 68% of women who have a sponsor
reported being satisfied with their career advancement… There was study which said… that
women with sponsors are… 27% more likely than their unsponsored female peers to ask for a

!28
raise and… wait a minute… it was 22% more likely to ask for the “stretch assignments”… that
build their reputations as leaders… The truth is that sponsors better position women to advance
in the workplace.

Question 4:
Generally yes, but… work is still discriminating for the two sexes… For example, even if
women are more and more independent in their couple life, there are more and more single and
divorced women due to that… Why?… Well, there are many reasons… One of them could be
the fact that working women don't have time for a successful private life. Another reason could
be the fact that some men feel intimidated by some women's qualities… and can't stand being
inferior to them… At the same time there is a fragile compatibility between motherhood and
career and… the family… policies that exist encourage women to give up working for a
domestic way of living. This way,… women find themselves forced to give up their
independence… yes.

Question 5:
…Very Interesting question… The latest researches showed that women who display masculine
traits…and know when not to…get more promotions than men… In the business world, women
who are aggressive,… assertive, and confident but who can turn these traits on and off,…
depending on the social circumstances, get more promotions than either men or other women…

If I say something more…okay… To be successful, you must be… assertive and confident, but if

you are aggressive as a woman… you are sometimes punished for behaving in ways that are
contrary to the feminine stereotype. Such negative response to assertive women has been
labelled the "backlash effect."

Question 6:
Umm… I would talk here about the pattern : “prove it again”. It is said that women’s mistakes
are noticed more often and remembered longer… Women are penalized for making errors while
men are praised for taking risks… Secondly,… Women’s successes are attributed to luck. Men
get ahead because of skill…Also,… women are judged more rigorously. When managers
evaluate men and women against a set of evaluation criteria, women get judged more precisely

!29
while men receive more… leniency… Women receive… polarized evaluations… when
compared to a man who achieves less than she does, a woman tends to receive a… this called
superstar evaluation. Compared to a man who’s a slightly better performer, she receives much
lower evaluations… Umm… Lastly,… I would say women’s ideas don’t ignored… Women often
offer an idea, and the idea becomes overlooked… When a man states the same idea later, he
receives… acknowledgement and praise.

Question 7:
I would say yes… Despite equity improvements between the sexes, this balancing… family and
career is still largely perceived as a woman's issue. Women are becoming more ambitious in their
careers,… but… yet opportunities haven't kept pace with increasing aspirations… By contrast,
men have more access to executive positions… and yet desire to have more work flexibility… I
mean for family without… compromising their status… Many women face not only the
upcoming challenges of parenthood, but the looming choice of whether they will… off-ramp
their careers in order to… spend more time at home… And… if they do, they can face an uphill
battle when it’s time to return to the workforce,… no matter how educated and qualified.

Question 8:
No doubt… no doubt there is increasing representation of women in leadership positions. It has a
real,… tangible impact on an organization's financial and… talent outcomes. However, despite
years spent on gender-balance initiatives, only such a small amount of top executives are
women. To provide a more flexible work schedule would improve the situation… Improve the
recruitment processes to promote the leadership for women… And help women… who take a
career-break back into leadership roles… To attract women employees back to work after having
a child,… many companies have set up help with child care… Which is good…Also,… create a
pipeline of future women leaders… Some firms collaborate with community colleges and
universities to prepare women for leadership roles,… and they encourage influential female
leaders to act as role models or mentors with their career experiences and journeys… That’s it…

!30
Interviewee 2:

Question 1:
Yes… I was given the got and the duties, but was told I would not get the… “title”… While it
was unspoken to my face, the reason is they did not hire women is that high level… It did not
lower my desire but just made me determined to show I could do the better job.

Question 2:
…I think it should be but in many corporate businesses it is not.

Question 3:
Yes! Everyone actually needs a mentor, both men and women… Women are by nature more
willing to give encouragement and help and we need to accept that.

Question 4:
No. Not in most… Many women will get to that level but it generally takes longer and they have
to “prove” their worth.

Question 5:
Yes. Men are allowed to be “men” and… but a women is expected to be… “business”… all the
time.

Question 6:
Yes as indicted before…No it does not affect my desire but it does give me more stress than
should be necessary.

Question 7:
Yes. That is the way we are made… Family is always higher priority and that is the way it should
be. Men should have this same priority and our families would be less dysfunctional.

!31
Question 8:
Play Hardball. Fight like a man. Don’t be shy to speak up. Check your…“womanhood nature”
at the door when you enter the workplace… Stop being the “caregiver” at work. Have a support
person and…or group… that you are accountable to… and they are to you…A good book I read
many years ago… but still has good basic insights of women in a man’s workplace is “Fight like
a Man, Play like a Woman” by… Gail Evens. Not sure if still in print but an easy read and might
be of help with your project.

Interviewee 3:

Question 1:
… I have worked across a number of industries throughout my finance career and I would say…
that… in some industries there may be better preference for a female manager than in others…
In the education sector, working with a male Principal was a great mix… It was more
appropriate to display a more feminine approach and it greatly assisted the Principal in the
decision-making process to adopt a softer approach… where you are working with people's most
precious gifts,… kids… their children… In a more male-dominated industry I found there was a
greater expectation from women to work harder and "do" more. There also seemed to be the
male expectation that at some point this female will be… like trotting off to have a family.
Around a board table, being the only female working with the Directors could be intimidating
and at times offensive.

Question 2:
Unfortunately I don't believe there is any such idea of gender neutrality in an industry that has a
long history of male dominance.

Question 3:
I would suggest that women should have one of each… A strong, successful female mentor will
assist with the gender issues and teach you how to overcome these barriers whilst a positive,
influential male mentor will perhaps… help you how to take command… and think more like a
man when required to do so.

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Question 4:
No, I don't believe so… Again it will come down to the industry they are working in and
whether or not… there is a strong culture led by open-minded directors to nurture career
advancement for both, regardless of gender…

Question 5:
…At times, yes. Most men don't do tears well and there can be an awkwardness when the males
in the room decide to tell an offensive joke… or make snide remarks. I had to train myself in
some situations to work with my lower body rather than my upper body… head and heart
namely…

Question 6:
Again, this does depend on the industry… and one's wealth of experience… and the culture of
the work place. I think that men can often see women as a threat as well… The female managers
that I know all seem to feel that this is the case… they need to work harder to gain the respect of
their colleagues.

Question 7:
Our society has dictated to us for years upon years that the female… is the better half of a
relationship to deal with… ”mothering”… and unfortunately men still are unable to reproduce
alone. It is much more convenient for men to be inflexible in these situations.

Question 8:
… Provide more flexible working arrangements… part time workers always seem to be more
productive than full time workers… Provide child care facilities in the work place to make it
easier for females to return to work… Then create a work culture the recognizes that women and
men are different… and approach situations from different angles but… this should be instead
celebrated and their stronger attributes should be promoted to find a balance where women and
men can work in harmony.

!33
Interviewee 4:

Question 1:
The management is still male dominant… and that will change… but very slowly… The
difference is recognizable when it comes to pay,… equal chances or some conversations around
the table that are still man dominant and will exclude woman… Often… also… jokes will be
targeted woman rather than man

Question 2:
It is not,… but however if you are really good you will still be recognized but never equal with
the pay… or authority. Some people have still problem to take the orders from woman

Question 3:
Not really… Woman don’t have gender issues

Question 4:
I do not think that gender is the problem in finance sector only… I think that is hard to be a
woman in charge in the majority of jobs that used to be male dominant

Question 5:
Definitely, we are still seen as sensitive,… not as sharp and also less worthy… 1:1 the
differences are less visible but in the boardroom where 95% are men it is hard environment

Question 6:
Yes. All the time…There were some certain expectations how we have to behave. We also
always get extra work than men,… that comes with the gender… for sure

Question 7:
Yes, and we are also expected to be a mother first. What is the reason for this?… I guess being a
mum is our choice so when everything is right we are fulfilled… and we work hard but if we
have any issues with the family we will give up work easy than male

!34
Question 8:
It is up to woman to get the strength to put up with gender inequalities at the moment… and
work on these discrepancies and get more chances and try to encourage other woman to do the
same… Some additional remarks I would like to share…When a management job ad lists ten
requirements for a position… we tend to wait until we have fulfilled the 10 to apply. We are
embarrassed if we get rejected and we are more careful how we appear in public eye… or in our
own eye… However, men,… on the other hand, will throw their hats in the ring if they meet 5
out of the 10 requirements and will be confident that he can do the job… Also, management will
support him 100% and reward him as soon as he achieves something… A woman has to be 2
times better than the previous person in the same position… just to continue having that position,
not for any other promotional reason…A woman will be rewarded only if… it is necessary to get
an increase… or… she asks for herself and then she will really need to prove it… I have a recent
example that I am the only person in our management team that doesn’t have any KPI’s and no
guaranteed bonus… So I need to prove myself… and do an extraordinary job to be called
‘spectacular” to get voted at the board meeting to receive a discretionary bonus… All others can
get side deals and male mentoring…they support each other… so they are equal…Also… if I
achieve certain savings and mention it, it looks as though I promote myself… and
accomplishments at work… Also… if we are tired then we whinge… but boys are actually
whining all the time… and take their privileges such as leaving early, arriving late without
question, working from home without seeking their managers permission… Women tend to be
more conscientious about these things, as we are more likely to feel guilty about that these
liberties.

Interviewee 5:

Question 1:
….From my observation there are more men in a top managerial positions and some women
exclude themselves… from having any top managerial positions in finance industry… Women
find it more difficult to progress in their carriers in the industry than men and… and these relate
to a long hours culture… and… also networking.

!35
Question 2:
I don’t think the leadership is gender neutral in finance sector… but there is an improvement
compared to the previous years… There are some strong female networks who support
women… in business and women feel more powerful and confident than before.

Question 3:
I think it’s beneficial to learn from the best in the industry… regardless of the gender.

Question 4:
…As more women move up the career pipeline there will be more opportunities… for women…
to have an advancement in finance sector… but I don’t think they have equal opportunities right
now.

Question 5:
I think it’s about the valuable brainpower… and it should… not be overlooked,… but yes, if
women do not appear as strong enough they will not have opportunities to become leaders.

Question 6:
I think male managers find it easier to blame… female managers… than male managers ,but that
is not affecting my desire to have a leadership position.

Question 7:
Well… women who decide to have children are willing to leave work at some point,… but they
… but they will need a flexible work environment to support them during their focus on
family… Also, having family will give women more motivation to provide for their family
members… and they will work harder.

Question 8:
There are leadership roles that women do really well,… as being more intuitive than male
managers. If there is more understanding about women’s roles in management world,… there
would be an increased number of women in the leadership positions in finance sector.

!36
Interviewee 6:

Question 1:
I think there is a general unconscious bias towards promoting men in the workplace… In my
experience,… I’ve found that women tend to get hired at a lower salary than men…and in a
lower starting position than a man would be… Often they start out in a more administrative
capacity, while men tend to be hired into the professional role quicker… they get the
‘accountant’ title quicker… In the company I currently work for,… there are no women in senior
management or on the board and I do see that as a barrier to getting in to higher positions… It
can feel like management and the board have a bit of a… ”boys club” mentality.

Question 2:
No, not in my experience… It seems to operate as a boys club in some regards… I know some of
the larger companies…my partner works for one of the… major banks… they have specific
programs to help women get into… and stay in leadership positions, but I think the industry as a
whole still has a very male dominated focus.

Question 3:
I think it would be very beneficial… I don’t have one,… but I have often looked into programs
that help with this

Question 4:
I have only been employed in one finance related company… since I started working in this
sector,… and no I don’t believe they have the same opportunity for advancement.

Question 5:
In my limited experience,… women who have portrayed stereotypically dominant personality
traits such as… assertiveness and dominance… have not gotten on well with the board and get
labelled as aggressive and… not good employees. However on the… flip side, I do think that
women have generally different personality… traits to men, aren’t as confident and tend to feel
they need to be more assertive to get where they want to go.

!37
Question 6:
I do think this is true… It doesn’t affect my desire to be in a leadership position,… but it does
make me feel like I need to be… an expert… in what I am to become a leader in. I think women
tend to have less confidence in their abilities… so can feel threatened if… someone in their team
questions them, whereas men generally seem able to ”bluff” it better.

Question 7:
I think in general yes,… they are more flexible… However whether this is actually a willingness
or a necessary thing,… I’m not sure… I don’t have children yet, but I know that… I feel more
obliged than my partner… who is male… does to head home from work straight away because
we have a dog, whereas… my partner is quite happy to go out after work, without thinking about
the fact our dog has been home alone for 12 hours… So I guess, women possibly often carry the
‘mental load’ in terms of children and… housework.

Question 8:
I think that some larger companies have really started to work on this… by creating equal
opportunity programs, however it’s the small businesses in the finance sector… and likely most
corporate sectors… that I believe need to change their ways… Perhaps working with mothers
trying to re-enter the workforce in some way,… or creating mentoring programs for women in
finance… Creating more women’s networks and networking events would be beneficial to me
personally.

Interviewee 7:

Question 1:
I haven’t experienced personally barriers… however I have witnessed women not being able to
progress to… those higher positions when they have family and children… due to long working
hours that are part of finance industry.

Question 2:
No, but it should be.

!38
Question 3:
No… I don’t think it needs to be a female mentor specifically.

Question 4:
They do,… until they have… family and children.

Question 5:
…I don’t think they are expected to behave more masculine,… however from my experience,
women who are in directorial positions do exert more masculine behavior… in order to be taken
seriously.

Question 6:
Yes,… women find it harder to prove themselves,… especially if they have children… Partially
it does affect my desire to be in a leadership position.

Question 7:
Tradition… It was always viewed that women are those who should make… ‘sacrifice’ and leave
work in order to raise children.

Question 8:
Flexible work schedules, evolve employee benefits to meet their needs… family support

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